MOL Expands Into Libya With Repsol and TPAO in Offshore Exploration Push
Hungary’s MOL Group is entering Libya’s upstream sector through a joint offshore exploration venture with Repsol and Türkiye Petrolleri A.O., marking its latest move to expand its international footprint.
The consortium won the right to explore Libya’s O7 offshore block as part of the country’s first licensing round in 17 years, reopened by National Oil Corporation in March 2025. Repsol will operate the project with a 40% stake, TPAO will hold 40%, and MOL will take a 20% interest.
The O7 block spans more than 10,300 square kilometers in deepwater areas exceeding 1,500 meters, about 140 kilometers northwest of Benghazi. The deepwater Mediterranean setting plays to the offshore experience of the consortium partners, particularly Repsol and TPAO.
Libya, Africa’s second-largest oil producer after Nigeria, holds Africa’s largest proven crude reserves, but political instability since 2011 has constrained investment and production. The reopening of the licensing round signals Tripoli’s push to revive exploration and boost output, currently fluctuating around 1.2–1.3 million barrels per day.
For MOL, the move strengthens its upstream diversification strategy. The company currently produces oil and gas in eight countries and aims to maintain production above 90,000 barrels of oil equivalent per day over the next five years under its SHAPE TOMORROW strategy. MOL has recently signed cooperation agreements with national oil companies in Kazakhstan, Azerbaijan, Türkiye, and Libya.
CEO Zsolt Hernádi said the Libyan entry represents both geographic expansion and a step toward enhancing supply security for Central Europe.
The deal also deepens energy ties between Libya and Türkiye, which has steadily increased its economic footprint in North Africa, particularly in offshore development and infrastructure.
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